MANILA -(Dow Jones)- The administration of President Benigno Aquino III isn’t looking to balance the budget during its six-year term, but will keep the deficit at a manageable 2% of gross domestic product, the latest medium-term fiscal program of the government showed Monday.
Unlike the preceding administration, which aimed to balance the budget before it bowed out of office but failed to do so due to spending needed to cope with the global financial crisis, the Aquino government has a more modest fiscal goal–to keep the budget deficit under control during its six-year termRead more: http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201008160157dowjonesdjonline000024&title=philippinesmedium-term-plan-doesnt-envisage-balanced-budget#ixzz0wliEPmY2
Remittances sent home by Philippine nationals overseas rose in June at the fastest pace in five months, helping sustain demand for cars, homes and mobile phones.
Money sent home from abroad increased 8.3 percent to $1.62 billion, the central bank said in a statement in Manila today. The funds, which make up about a 10th of the $160 billion economy, grew 6.5 percent in May.
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